Viewpoint: Long-term care insurance not as costly as columnist implied

A column by Bruce Williams in a SmartLife feature on Sept. 30, reported a serious inaccuracy in regard to the estimated annual cost for long-term care insurance premiums.

The article stated an “estimate that long-term care insurance will cost between $40,000 and $50,000 a year per person.” In reality, industry standards show the average premium for a couple sharing this protection is around $3,000 per year. Whether this was a misprint or mis-step, accurate information is critical so that consumers can make informed decisions in planning for an extended care event. The benefits received from a long-term care insurance policy for one year alone often can exceed the cumulative premiums a client pays into a policy over many years.

Public interest in long-term care insurance is quietly and steadily growing. A rapidly increasing number of “boomers” are witnessing the emotional and financial impact of caregiving either personally or with relatives, co-workers and friends. The average age of a long-term care insurance buyer was 72 in 1990; the current highest percentage of buyers is in the 45-54 age group.

Long-term care insurance policies have evolved over time to be far more flexible than they were in the early days, when they were known as nursing home policies. Today, most policies allow the insured to receive care in the setting of their choice, whether this is at home, in an assisted living facility, adult day care center, nursing home or hospice residence.

Long-term care insurance is best understood with the help of an insurance agent who can assess a family's situation and specific needs. An experienced agent will take you through the buying process and explain the various features of a policy and how they may benefit you at claim time.

Medicare and Medicaid are not viable solutions for anyone who wants to have choice and control in their future. Long-term care insurance is an affordable and reliable option to protect against uncertainty.

Joan Adrian is a registered nurse with a master’s degree in public administration. She is a long-term care insurance agent in the Kalamazoo area.